Northern Illinois-based Savant Wealth Administration closed a deal on Thursday to purchase tax and accounting agency Peay & Associates and its related RIA, SwaimBrown Wealth Administration, in central South Carolina.
Each entities had been based and principally owned by Jay Peay. He’s becoming a member of Savant as a companion, together with Ashley Tate, who held a minority stake within the accounting enterprise. 5 further staff of the mixed corporations will develop into staff at Savant.
The second pair of tax and advisory corporations Savant has acquired this yr, and the sixth CPA in its historical past, the deal provides tax expertise and $146 million in managed belongings, whereas increasing the agency’s nationwide footprint to 38 places of work in 14 states.
CEO Brent Brodeski stated the concentrate on tax practices helps Savant differentiate itself from different wealth administration suppliers, including {that a} nationwide scarcity of CPA professionals means having these providers obtainable in-house places the agency in a stronger place.
Peay stated he was searching for a partnership to enable his corporations to develop providers regionally and famous Savant already has a presence in Columbia, S.C., an hour and a half away from their Clinton places of work.
Along with the combo deal to purchase Delaware-based CPA agency R.F. Ebook and its affiliated RIA, introduced in July, Savant has additionally picked up Basil Monetary Group in Chicago, Capital Instructions in Atlanta, Domani Wealth in Lancaster, Penn., Paragon Monetary Advisors in Columbia, S.C., and The Stress-free Retirement Coach in Wellesley, Mass, this yr. The acquisition of $2.2 billion AUM Bridgeworth Wealth Administration, introduced earlier this month, is anticipated to shut in December.
These additions symbolize greater than $8 billion in acquired belongings in 2023, bringing Savant to just about $24 billion in complete AUM.
Established greater than three many years in the past, Savant presents funding administration, monetary planning, retirement plan and household workplace providers for people and establishments, in addition to company accounting, tax preparation, payroll and consulting via affiliated Savant Tax & Consulting. Property planning doc preparation and different authorized providers can be found via its affiliated legislation agency, Savant Authorized.
